The daily business briefing: January 9, 2023

Tens of thousands travel as China fully reopens borders, Goldman Sachs to cut about 3,200 jobs, and more

Travelers in China
(Image credit: VCG/VCG via Getty Images)

1. Thousands travel as China fully reopens borders

Tens of thousands of people traveled into and out of China on Sunday as the country fully reopened its borders for the first time since the beginning of the coronavirus crisis three years ago. Tourists from China, the most populous country in the world, spent $250 billion abroad annually before the pandemic, and many travel operators fell into bankruptcy when Beijing imposed strict border controls to fight the spread of COVID-19. But many countries are worried about the timing of the opening, which comes as China struggles with its worst coronavirus surge yet and lifts its zero-COVID restrictions. The decision to allow freer movement across the country's borders will allow foreign executives to return to oversee existing and new investments in China.

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